Technical outlook and chart setups:
Silver is seen to be pulling back from its recent highs of $16.70 levels. The metal is trading at $16.30 levels for now, with $15.90 as immediate support. A bounce ahead of $15.90 is quite probable, and should push the prices towards $17.30 levels. Please note that the support/counter trend line is passing through $15.70/80 levels for now and the metal is expected to be supported ahead of that. It is recommended to remain bullish for now and also look to add further positions with risk below $15.80. Support is at $15.90, followed by $15.30, and $15.00, while resistance is at $16.70 (interim), followed by $17.30/50, $17.80/18.00 and higher respectively. Only a break below $15.90 would confirm that a potential top is in place.
Trading recommendations:
Remain long, stop at $15.50, the target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
